Treasury Secretary Paulson will hold a press conference today to announce his plan to reorganize the financial markets, which was released over the weekend. The plan, a product of the Treasury Department's group that was originally convened to reduce financial regulation, is designed to replace the current overlapping and confusing system of regulation with a more streamlined approach. There would be three principal agencies with more oversight, but less direct regulatory powers: a prudential financial regulatory agency, a conduct of business regulatory agency and a corporate finance regulator. The SEC and CFTC would be merged and the financial market's self regulatory authority would be increased. Indeed, the SEC looks to be a big loser under this plan. Any reorganization will require Congressional action and would not happen quickly. The plan got mixed reactions from Congress. WSJ, Paulson Plan Begins Battle Over How to Police Market; WPost, Long Fight Ahead for Treasury Blueprint. One criticism of the plan is that it does not do anything to relieve the current Wall St. crisis or the plight of homeowners with mortgages in default. NYTimes, A Nervous Wall St. Seems Unsure What’s Next.